Private consumption boosts Turkey’s GDP

Turkey’s economy grew at a faster pace than expected last quarter as households boosted spending, supporting activity following the failed military coup. GDP expanded 3.5% in the October-to-December period, faster than all estimates in a Bloomberg survey of economists, which expected an expansion of 1.9%. Bloomberg

Reckitt Benckiser chief has pay cut after Korea scandal

RAKESH KAPOOR: In addition to not receiving a bonus, long-term incentive plan shares vesting for the Reckitt Benckiser’s CEO Rakesh Kapoor will be reduced by 50%. Picture: BLOOMBERG/SIMON DAWSON
RAKESH KAPOOR: In addition to not receiving a bonus, long-term incentive plan shares vesting for the Reckitt Benckiser’s CEO Rakesh Kapoor will be reduced by 50%. Picture: BLOOMBERG/SIMON DAWSON

Reckitt Benckiser head Rakesh Kapoor, Britain’s third-highest-paid CEO two years ago, had his compensation cut by 43% in 2016 after a scandal over the sale of toxic household disinfectants in South Korea. Kapoor earned £14.61m, down from £25.5m in 2015, after having his bonus eliminated, the company’s annual report showed. Judy Sprieser, head of the Dettol maker’s remuneration committee, said the cut took into account past failings in South Korea, where a disinfectant used to clean humidifiers was linked to lung injuries and deaths. Bloomberg

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